Granahan Investment Management LLC Sells 115,502 Shares of Cogent Communications Holdings, Inc. $CCOI

Granahan Investment Management LLC trimmed its holdings in Cogent Communications Holdings, Inc. (NASDAQ:CCOI) by 51.5% in the 3rd quarter, Holdings Channel reports. The fund owned 108,989 shares of the technology company’s stock after selling 115,502 shares during the quarter. Granahan Investment Management LLC’s holdings in Cogent Communications were worth $4,180,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. boosted its stake in Cogent Communications by 3.6% during the third quarter. Envestnet Portfolio Solutions Inc. now owns 7,534 shares of the technology company’s stock worth $289,000 after acquiring an additional 262 shares in the last quarter. Ipswich Investment Management Co. Inc. lifted its holdings in shares of Cogent Communications by 0.8% during the third quarter. Ipswich Investment Management Co. Inc. now owns 44,259 shares of the technology company’s stock valued at $1,697,000 after purchasing an additional 369 shares during the last quarter. Keybank National Association OH lifted its holdings in shares of Cogent Communications by 5.7% during the third quarter. Keybank National Association OH now owns 6,835 shares of the technology company’s stock valued at $262,000 after purchasing an additional 370 shares during the last quarter. Empowered Funds LLC boosted its position in shares of Cogent Communications by 10.3% in the 1st quarter. Empowered Funds LLC now owns 5,466 shares of the technology company’s stock worth $335,000 after purchasing an additional 510 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey grew its stake in shares of Cogent Communications by 6.0% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 9,943 shares of the technology company’s stock worth $479,000 after buying an additional 561 shares during the last quarter. 92.45% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on CCOI shares. Oppenheimer reduced their price objective on Cogent Communications from $40.00 to $30.00 and set an “outperform” rating for the company in a research report on Monday, February 23rd. Wells Fargo & Company cut their target price on Cogent Communications from $27.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 5th. KeyCorp reduced their price target on Cogent Communications from $30.00 to $25.00 and set an “overweight” rating for the company in a report on Monday, February 23rd. TD Cowen reaffirmed a “buy” rating on shares of Cogent Communications in a research report on Monday, February 23rd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Cogent Communications in a research note on Monday, December 22nd. Three research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $26.78.

Cogent Communications Stock Up 2.8%

CCOI stock opened at $19.33 on Tuesday. The stock has a market capitalization of $967.66 million, a P/E ratio of -5.07 and a beta of 0.84. The company has a debt-to-equity ratio of 49.06, a current ratio of 2.04 and a quick ratio of 2.04. Cogent Communications Holdings, Inc. has a 1-year low of $15.96 and a 1-year high of $71.55. The business has a fifty day moving average price of $22.99 and a 200-day moving average price of $28.24.

Cogent Communications (NASDAQ:CCOI) last released its quarterly earnings data on Friday, February 20th. The technology company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($1.09) by $0.45. Cogent Communications had a negative return on equity of 842.48% and a negative net margin of 18.67%.The company had revenue of $240.52 million for the quarter, compared to analysts’ expectations of $243.82 million. During the same period last year, the firm posted ($0.91) earnings per share. Cogent Communications’s revenue was down 4.7% compared to the same quarter last year. Equities analysts forecast that Cogent Communications Holdings, Inc. will post -4.55 earnings per share for the current fiscal year.

Cogent Communications Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be issued a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, March 6th. Cogent Communications’s dividend payout ratio (DPR) is presently -2.10%.

Insider Activity at Cogent Communications

In other news, Director Lewis H. Ferguson sold 2,206 shares of Cogent Communications stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $23.03, for a total value of $50,804.18. Following the completion of the sale, the director directly owned 20,449 shares in the company, valued at $470,940.47. The trade was a 9.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sheryl Lynn Kennedy sold 3,300 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $22.99, for a total transaction of $75,867.00. Following the transaction, the director directly owned 10,100 shares of the company’s stock, valued at $232,199. The trade was a 24.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 12,756 shares of company stock worth $292,467. 10.20% of the stock is owned by insiders.

Cogent Communications Profile

Cogent Communications (NASDAQ:CCOI) is a multinational Internet service provider specializing in high-speed Internet access and data transport services. The company operates one of the largest Tier 1 IP networks in the world, offering wholesale and enterprise customers reliable, low-latency connectivity. Cogent’s core services include dedicated Internet access, Ethernet transport, wavelength services, and MPLS-based IP Virtual Private Networks, all delivered over its privately owned, fiber-optic backbone.

In addition to network connectivity, Cogent provides data center colocation and managed services designed to support businesses with demanding bandwidth and redundancy requirements.